A Looming Threat to Bitcoin: The Risk of a Quantum Hack

[mahatmakanejeeves]

It is not uncommon for MSN to rerun articles from The Wall Street Journal. without the requirement of a paywall. I'll keep tabs on this.

A Looming Threat to Bitcoin: The Risk of a Quantum Hack
Researchers warn a quantum-computing attack on cryptocurrency would cause trillions in losses

By Alexander Osipovich
https://twitter.com/aosipovich
[e-mail]
Updated Dec. 23, 2024 12:16 am ET

Bitcoin’s rally faces a risk that isn’t on the radar of most crypto investors: quantum computing.

The nascent technology, which drew attention this month after Google claimed a breakthrough with its new Willow quantum-computing chip, could one day enable hackers to break the encryption that keeps bitcoin secure. Such a hack could torpedo bitcoin’s price, by allowing thieves to swipe coins out of supposedly secure digital wallets.

{paywall}

[no_hypocrisy]

1. And the incoming Administration wants to sell a chunk of the U.S. gold reserves

to buy crypto, as a basis for our currency.

Bait-and-Switch scheme

[Hugin]

3. It's the old, "Pssst. Hey, buddy. Wanna buy a gold mine?" con.

All the mark ends up with is a hole in the ground. If they’re lucky. All legal like.

The only new thing about it is the digital trappings that make it look, oh, so techy.

It would appear that the Fart of the Deal is falling for it hook, line, and sinker.

[anciano]

2. Bitcoin seems to me to be

a contemporary version of "tulip mania".